Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of step 5 in the table in section 705‑60, the step 5 amount is the sum of all losses of any * sort of the joining entity that:
(a) had not been * utilised by the joining entity for the income year in which the joining time occurred or any earlier income year; and
(b) accrued to the joined group before the joining time (see subsection 705‑90(4)).
(2) However, a loss is not to be taken into account under subsection (1) to the extent that, in applying subsection 705‑90(2) for the purpose of working out the step 3 amount in the table in section 705‑60, the loss reduced the amount of the undistributed profits mentioned in that subsection.